DBS Partners with Multifonds for Scalable Asset Management Automation in Asia
In a significant move towards enhancing operational efficiency and compliance in the asset management sector, DBS Bank, recognized as Southeast Asia's largest financial institution, has partnered with Multifonds to implement a robust fund accounting platform across Singapore, Hong Kong SAR, and Indonesia. The Multifonds Fund Accounting Platform underscores DBS's commitment to innovation, providing a seamless solution that integrates various functionalities such as asset servicing, position keeping, valuation, and accounting into a single, automated system.
The implementation process of the Multifonds platform was a collaborative effort between teams from both DBS and Multifonds, successfully completed within a challenging timeframe of fifteen months. This joint venture is particularly noteworthy as it allows DBS to manage both traditional and alternative funds through a single interface, thus streamlining its end-to-end operations. The integration of advanced features like Workflow and Exception Manager (WEM) effectively enhances operational workflows and elevates the quality of service provided to clients.
With the introduction of Multifonds, DBS aims to achieve high rates of Straight-Through Processing (STP), which is crucial in improving overall efficiency and supporting the bank's growth initiatives in dynamic Asian markets.
DBS is the first bank in Asia to adopt the latest version of the Multifonds platform. This specific version demonstrates a mastery of local market nuances, capable of handling unique regulatory and operational challenges - an essential factor for financial institutions operating in diverse regions. Among the highlights of the platform’s capabilities is its comprehensive multi-asset coverage, including complex derivatives encompassing Credit, Foreign Exchange (FX), Interest Rate (IR), and Equity (EQ), alongside Exchange-Traded Funds (ETFs) and Private Equities (PEs).
Moreover, the platform's ability to cater to diverse fund structures enhances DBS's flexibility in meeting varied client needs, such as sophisticated Profit and Loss (PL) allocations by share class and structures featuring rebate fees.
In a proactive approach to adapting to legislative changes, Multifonds, in partnership with DBS, is also contributing towards the development of tailored regulatory reports to ensure compliance with evolving requirements in the Indonesian market. This commitment to maintaining current and relevant reporting standards places both organizations ahead in navigating an intricate financial and regulatory landscape.
Oded Weiss, CEO of Multifonds, expressed enthusiasm regarding this partnership, stating, "We are delighted to be chosen as the fund accounting platform for such a prestigious and world-leading bank. DBS has established a global reputation for fund servicing, and Multifonds' modern technology platform will help the bank deliver highly flexible and client-centric solutions with unmatched scalability and efficiency." The mutual commitment to innovation and modern technology positions both DBS and Multifonds as leaders in the rapidly changing landscape of asset management in Asia.
The collaboration exemplifies a significant leap towards digitization in Asia's asset management industry. Through this initiative, DBS not only reinforces its stature as a key player in the regional market, but it also showcases a progressive approach to asset servicing that other financial institutions may aspire to emulate. As technology continues to evolve, the partnership between DBS and Multifonds serves as a benchmark for innovative growth in financial services, paving the way for future advancements in the industry.
Implementation and Benefits
The implementation process of the Multifonds platform was a collaborative effort between teams from both DBS and Multifonds, successfully completed within a challenging timeframe of fifteen months. This joint venture is particularly noteworthy as it allows DBS to manage both traditional and alternative funds through a single interface, thus streamlining its end-to-end operations. The integration of advanced features like Workflow and Exception Manager (WEM) effectively enhances operational workflows and elevates the quality of service provided to clients.
With the introduction of Multifonds, DBS aims to achieve high rates of Straight-Through Processing (STP), which is crucial in improving overall efficiency and supporting the bank's growth initiatives in dynamic Asian markets.
Market-Specific Adaptations
DBS is the first bank in Asia to adopt the latest version of the Multifonds platform. This specific version demonstrates a mastery of local market nuances, capable of handling unique regulatory and operational challenges - an essential factor for financial institutions operating in diverse regions. Among the highlights of the platform’s capabilities is its comprehensive multi-asset coverage, including complex derivatives encompassing Credit, Foreign Exchange (FX), Interest Rate (IR), and Equity (EQ), alongside Exchange-Traded Funds (ETFs) and Private Equities (PEs).
Moreover, the platform's ability to cater to diverse fund structures enhances DBS's flexibility in meeting varied client needs, such as sophisticated Profit and Loss (PL) allocations by share class and structures featuring rebate fees.
Regulatory Compliance and Innovation
In a proactive approach to adapting to legislative changes, Multifonds, in partnership with DBS, is also contributing towards the development of tailored regulatory reports to ensure compliance with evolving requirements in the Indonesian market. This commitment to maintaining current and relevant reporting standards places both organizations ahead in navigating an intricate financial and regulatory landscape.
Oded Weiss, CEO of Multifonds, expressed enthusiasm regarding this partnership, stating, "We are delighted to be chosen as the fund accounting platform for such a prestigious and world-leading bank. DBS has established a global reputation for fund servicing, and Multifonds' modern technology platform will help the bank deliver highly flexible and client-centric solutions with unmatched scalability and efficiency." The mutual commitment to innovation and modern technology positions both DBS and Multifonds as leaders in the rapidly changing landscape of asset management in Asia.
Conclusion
The collaboration exemplifies a significant leap towards digitization in Asia's asset management industry. Through this initiative, DBS not only reinforces its stature as a key player in the regional market, but it also showcases a progressive approach to asset servicing that other financial institutions may aspire to emulate. As technology continues to evolve, the partnership between DBS and Multifonds serves as a benchmark for innovative growth in financial services, paving the way for future advancements in the industry.
Topics Financial Services & Investing）
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